Before the takeover, the family of former employer president Dieter Hundt was the main shareholder.
(Photo: dpa)
Uhingen A year after the sale to a Chinese investor, the Württemberg automotive supplier Allgaier-Werke has slipped into insolvency. The company from Uhingen near Stuttgart had filed for insolvency, the district court in Göppingen announced on Wednesday. Fritz Zanker was appointed provisional insolvency administrator by the Pluta law firm.
Allgaier supplies sheet metal parts to major car manufacturers, including Porsche, but is also active in toolmaking and process engineering. Allgaier and Zanker could not initially be reached for comments.
The company is also known because it belonged to the family of former employer president Dieter Hundt until the sale of 89 percent of the shares to the Chinese Westron Group.
Allgaier employs around 1700 people. The company has long been considered a case for restructuring and has undergone restructuring in the years since 2020. Operationally, Allgaier was back in the black in 2020 and 2021, according to the takeover by Westron almost a year ago. The new owner also brought in fresh equity. At the end of 2022, however, Allgaier admitted that it had missed its sales expectations.
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